2024 (8) TMI 531

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....er of the AO by treating the amount of Rs. 86,92,219/- as accumulated unspent fund as provided u/s 11 of the Act. 2.1 The assessee in the present case is a public charitable trust and engaged in providing religious and spiritual education to the public at large. The assessee in the year under consideration has claimed to have utilized the amount of Rs. 3,13,07,781/- for the purpose of its activities out of the funds accumulated u/s 11(5) of the Act in the financial year 2012-13 corresponding to assessment year 2013-14. However, the AO found that the amount accumulated in the assessment year 2013-14 as per Form 10 stands at Rs. 4 crores against which, the utilization in the year under consideration stands at Rs. 3,13,07,781/- only leaving t....

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....running from pages 1 to 124, case law compilation running from pages 1 to 28, written submission running from 1 to 10 pages and additional evidence running from 1 to 20 pages. The ld.AR before us contended that the amount was declared in Form 10 for the purpose of accumulation at Rs. 4 crores but, the amount to be accumulated was determined at Rs. 3,13,07,781/- which was actually accumulated and this fact can be verified from audited financial statement for the assessment year 2013-14. The ld. AR further submitted that the assessee has not submitted the audited financial statements before the authorities below and accordingly, prayed for the admissions of the additional documents with the request to set aside the issue to the file of the AO....

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....ents, stated above, are filed along with the return of income, meaning thereby, these documents were already available with the authorities below, but the revenue authorities did not look into it. However, in the interest of justice and fair play, we are inclined to set aside the issue to the file of AO for fresh adjudication in the light of the above stated discussion and as per the provisions of law. Hence, the ground of appeal raised by the assessee is allowed for statistical purposes. 8. The next issue raised by the assessee is that the ld. CIT(A) erred in confirming the addition made by the AO for Rs. 19,71,83,527/- under the provisions of sec. 13(1)(d) of the Act. 8.1 The AO during the assessment proceedings found that the assessee ....